کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5101251 | 1479193 | 2017 | 49 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The adoption of stock option plans and their effects on firm performance during Japan's period of corporate governance reform
ترجمه فارسی عنوان
تصویب طرح های گزینه سهام و تأثیر آنها بر عملکرد شرکت در دوره اصلاحات ارضی شرکت های ژاپن
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper empirically investigates the adoption of stock option plans and their effects on firm performance in Japan. Using the sample of the period of corporate governance reform in the 2000s, we find that the adoption of stock option plans was more likely at firms in an industry where many firms had already introduced stock option plans. The result indicates a type of herding behavior among Japanese firms. We further find that firms rushed to grant stock options just before the adoption of the new accounting standard (ASBJ Statement No. 8). Unique to Japan, this standard requires stock option expensing only for newly granted options. We also find that operating performance decreased, but that payout and liquidity ratios remained almost constant after the adoption of stock option plans. Overall, the results do not support the view, at least in the Japanese context, that stock options can function as a primary incentive for improving firm performance.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of the Japanese and International Economies - Volume 44, June 2017, Pages 13-25
Journal: Journal of the Japanese and International Economies - Volume 44, June 2017, Pages 13-25
نویسندگان
Nobuhisa Hasegawa, Hyonok Kim, Yukihiro Yasuda,